Pi Coin price is in a technical bull run after soaring by 56% from its lowest level this year. It has soared to its highest level in over two weeks despite the ongoing crypto crash.
Summary
- Pi Coin price has moved into a technical or local bull market.
- The rally is happening despite the ongoing crypto crash.
- Technical analysis suggests that the token will continue soaring.
Pi Network (PI) token jumped to $0.2010 on Friday, continuing an uptrend that started on March 10. This rally is likely driven by potential announcements next week when the world will mark Pi Day.
Pi Day is an annual celebration of the mathematical constant and is celebrated on March 14. In most cases, the event is celebrated in schools by doing fun activities. Some people also celebrate it by eating pies.
Historically, Pi Network marks the day by making some major announcements. For example, in a recent post, the team noted that they hope that the current phase of the Pi Network upgrade will end on that day.
Some crypto traders hope that other major announcements will be made on Pi Day. For example, some are speculating that Kraken, a top American exchange, may decide to list it on that day. It added it to its listing roadmap for the year in February.
Another possible announcement on that day is the decentralized exchange, automated market maker, and token generation feature. The developers hope that this feature will lead to more demand for the token over time.
Pi Coin price is also rising as investors buy the dip after it dropped to a record low in February. It is common for investors to buy whenever an asset falls and to short it whenever it moves to a record high. A good example of this is Zcash (ZEC), which has moved into a bear market after hitting its all-time high last year.
Pi Coin price chart analysis
The eight-hour chart reveals that the Pi Coin price has staged a strong comeback after falling to $0.1300. This rally happened amid the crypto crash. It has moved above the ultimate resistance level of the Murrey Math Lines tool.
The token has jumped above the 50-period moving average. Crossing above this indicator is a sign that the bull market is continuing. Another sign that the momentum is continuing is that the Average Directional Index has soared to 32.
Therefore, the token will likely continue soaring in the coming days as buyers target the key resistance at $0.2500.
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